Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1887-12-14

say. Whatever his military capacity or the
lack of it. he was one Of the most unselflsh
and patriotic of all the Union generals.
THE PRESIDENTS MESSAGE.
The message of President Cleve-
land, read in both houses Of Congress
on Tuesday of last week, is pronounc-
ed by the press of all parties to be
mastery document. bold and vigor-
Gus in its conception, and fearless IN
its treatment of the questions of tariff
and taxation, to which it is mainly
confined. A feature of the message
is its brevity and the terseness with
which the President expresses his
views. We give below a complete
synopsis of the paper.
The President sets out by saying {:
Youare confronted at the threshold
of your legislative duties with a
condition Of the national finances
which imperatively demands imme-
diate and careful consideration. The
amount of money annually exacted
through the operations of the present
laws from the industries and necessi-
ties of the people, largely exceed the
sum necessary to meet the expenses
Of the government. When we con-
slider that the theory of our institu-
tions guarantees to every citizen the
full enjoyment of all the fruits of his
industry and enterprise, with only
such deduction as may be his share
towards the careful and economical
maintenance of the government
which protects him, it is plain that
the exactiOn of more than this ls inde-
fensible eXtortion and a culpable be-
trayal Of American fairness and JUS
tice. This wrong inflicted upon
those who bear the burden of nation
al taxation, like other wrongs, multi
plies a brood Of evil consequences.
The public treasury, which should
only exist as conduit conveying the
peoples tribute to its legitimate OBJ
ject Of expenditure, becomes hoard
Ing place for money needlessly with
drawn from trade and the peoples
use, thus crippling our national en-
ergy, suspending our country's de-
velOpment and preventing invest
ment in productive enterprise.
This condition Of our treasury is not
altogether new, and it has more than
once of late been submitted to the
peoples representatives in Congress,
who alone can apply a remedy, and
yet the situation still continues with
aggravative incidents more than ever
presaging financial convulsion and
wide spread disaster. 1t will not do
to neglect this situation because its
dangers are not now palpably immi-
nent and apparent. They exist none
the less, certainly, and await the
unforeseen and unexpected occasion
when suddenly they will be precipi-
tated upon us.
On the 3Oth day of June, 1885, the
excess Of revenues over public eX-
penditures, after complying with the
annual requirements Of the sinking
fund excess, was ST., 1853, 1854. Dur
ing the year ending June 30th, 1886,
such excess amounted 10 S49, ,405, ,545.-
90, and during the year ending June
3Oth, 1887, it reached the sum of $780,
5G7, ,S49.54.
The annual contribution to the
sinking fund during the three years
above specified amounting in the ag-
gregate to Sl3S,059, ,320.94, and de-
Quoted from the surplus as stated,
were made by calling for that pur-
pose outstanding 8 3per cent. bonds of
the government. During the six
months prior to June 80, 1887, the
surplus revenue bad grown so large
by repeated accumulations that it was
feared the withdrawal of this great
sum of money needed by the people
would so affect the business Of the
country that the sum of $79,864, 100
of such surplus was applied to the
payment Of the principal and inter-
est Of the three per cent. bonds still
outstanding, and which were then
payable at the option of the govern
ment. The precarious condition Of
financial affairs among the people
still needing relief, Immediately af-
ter the 3Oth day of June, 1887, the
remainder of the three per cent.
bonds then outstanding, amounting
with principal and interest to the
sum Of $1S,S77,500, were called in
and applied to the sinking fund con-
tribution, for the current fiscal year,
notwithstanding these operations of
the Treasury Department.
Representations of distress in bus
mess circles, not only continued but
increased, and absolute peril seemed
at hand. In these circumstances the
contributions to the sinking fund for
the current fiscal year was at once
completed by the expenditure 1884,
694, 1885 in the purchase of govern
ment bonds, not yet due, bearing
four and four and a half per cent.
interest. the premium paid thereon
averaging about ttwenty-four per cent.
for the former and eight per cent.
for the latter. In addition to this
the interest accruing during the cur
rent year upon the outstanding bond
ed Indebtedness Of the government
was to some extent anticipated and
banks selected as repositories of pub
lie money were permitted to some
what increase their deposits. While
the eXpendients thus employed to re-
lease to the people the money lying
idle in the Treasury, served to avert
the dangers, our surplus reserves have
continued to accumulate, the excess
forthe presenty year, amounting on the
first Of December to 800, ,25S, ,707. 10, and
is estimated to reach the sum of$ll3,-
900, 900 by the Both of next June, at
which date it is expected that this
sum, added to prior. accumulations,
will swell the surplus in the treasury
to $14O,000,00O. There seems to be
no assurance that, with such with
drawal from use of the peoples cir
culating medium, our business COM
munity may not, in the near future,
be subjected to the same distress
which was quite lately produced from
the same cause, and while the func-
tions of our National treasury should
be few and simple, and while its best
condition would be reached, l be-
lieve, by its entire disconnection
with private business interests, yet,
when by a perversion Of its purposes,
it idly holds money uselessly sub
tracted from the channels of trade,
there seems to be reason for the claim
that some legitimate means should
be devised by the government to re-
store, in an emergency, without